Smurfit Westrock Plc · NYSE:SW
Smurfit Westrock — Q1 2025 Earnings Presentation
19 slides from Smurfit Westrock's earnings presentation, May 1, 2025
Slide 1: First Quarter Results
2025 First Quarter Results May 1, 2025 Paper | Packaging | Solutions
Slide 2: Forward Looking Statements
Smurfit Westrock Q1 | 2025 Results | 2 Forward Looking Statements The presentation includes certain “forward-looking statements” (including within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) regarding, amon
Slide 3: Non-GAAP Financial Measures and Reconciliations
Smurfit Westrock Q1 | 2025 Results | 3 Non-GAAP Financial Measures and Reconciliations Smurfit Westrock plc (“Smurfit Westrock”) reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). However, management believes certain non- GAAP fin
Slide 4: Key messages
Smurfit Westrock Smurfit Q1Q1 Westrock | 2025 | 2025Results Results | 4 Key messages Adjusted EBITDA* of $1,252 million Adjusted EBITDA margin* of 16.4% Strong first quarter performance across all three regions Synergy program on track Ongoing system optimization through investment and rationa
Slide 5: Optimizing the system: Investing
Smurfit Westrock Smurfit Q1Q1 Westrock | 2025 | 2025Results Results | 5 Optimizing the system Investing Well invested asset base and opportunities identified: – Investment across all three regions in containerboard, corrugated and consumer systems – Examples include: • Expansion of Bag-in-Box offe
Slide 6: Optimizing the system: Rationalizing
Smurfit Westrock Smurfit Q1Q1 Westrock | 2025 | 2025Results Results | 6 Optimizing the system Rationalizing Four closures, capacity reduction approximately 600kt – Forney, US with capacity to produce approx. 350kt of containerboard – St. Paul, US with capacity to produce approx. 160kt of CRB – Mon
Slide 7: Positioned for performance
Smurfit Westrock Smurfit Q1Q1 Westrock | 2025 | 2025Results Results | 7 Positioned for performance Unrivalled geographic scale and product portfolio Improvement in North American business year-on-year due to sharper operating and commercial focus Improving European market conditions, from a posi
Slide 8: Financials
Smurfit Westrock Q1 | 2025 Results | 8 Financials Paper | Packaging | Solutions
Slide 9: Q1 2025 Smurfit Westrock results
Smurfit Westrock Q1 | 2025 Results | 9 Q1 2025 Smurfit Westrock results $7.656 $1.252 16.4% Billion Billion Adjusted Net Sales Adjusted EBITDA* EBITDA Margin* *Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. See the Appendix for the reconciliation of these measures to the
Slide 10: Q1 Highlights
Smurfit Westrock Q1 | 2025 Results | 10 Q1 Highlights Smurfit Westrock North America EMEA & APAC LATAM Net Sales (aggregate) $4.7 billion $2.6 billion $0.5 billion Adjusted EBITDA* $785 million $389 million $115 million Adjusted EBITDA Margin 16.8% 15.1% 22.5% Corrugated Volume Δ -4.7% 1.5% -6.3% *A
Slide 11: Synergies and Adjusted EBITDA Guidance
Smurfit Westrock Smurfit Q1Q1 Westrock | 2025 | 2025Results Results | 11 11 Synergies $400 million contribution to Adjusted EBITDA*, full run rate exiting 2025 We expect approximately $350 million will be captured in Adjusted EBITDA* in 2025 - Approx. $80 million was achieved in Q1 2025 Operat
Slide 12: Conclusion
Smurfit Westrock Q1 | 2025 Results | 12 Conclusion Paper | Packaging | Solutions
Slide 13: Attractive long-term fundamentals
Smurfit Westrock Q1 | 2025 Results | 13 Attractive long-term fundamentals Strong structural growth drivers Product that is increasingly valued by the end consumer “ From already strong foundations, the actions we have taken, and continue to and our customers take, will translate to superior oper
Slide 14: Appendices
Smurfit Westrock Q1 | 2025 Results | 14 Appendices Paper | Packaging | Solutions
Slide 15: Capital allocation
Smurfit Westrock Q1 | 2025 Results | 15 Capital expenditure Balance sheet Capital Growth, integration and Strong investment allocation sustainability focused grade credit rating 2025 – $2.2bn - $2.4bn with a long-term target of <2x net leverage ratio Capital allocation Disciplined approach – returns
Slide 16: Proven track record of delivery
Smurfit Westrock Q4 | 2024 Results | 16 Proven track record of delivery • Applying the owner/operator, performance- led culture % EBITDA margin* € cent Dividend** • De-centralizing operations 20 200 • Visibility on detailed P&L and balance 18 150 sheet 16 100 14 – Applying a sharper commercial focus
Slide 17: 2025 Guidance
Smurfit Westrock Q1 | 2025 Results | 17 2025 Guidance Cash interest ~$0.7 billion Cash tax ~$0.6 billion Effective tax rate ~26% Capital expenditure $2.2 billion – $2.4 billion 2025 Q2 Adjusted EBITDA* ~ $1.2 billion 2025 FY Adjusted EBITDA* $5.0 billion - $5.2 billion *Adjusted EBITDA is a non-GAAP
Slide 18: Reconciliations to most comparable GAAP measure
Smurfit Westrock Q1 | 2025 Results | 18 Reconciliations to most comparable GAAP measure Set forth below is a reconciliation of the non-GAAP financial measures Adjusted EBITDA and Adjusted EBITDA Margin to Net Income and Net Income Margin, the most directly comparable GAAP measures, for the periods i
Slide 19: Smurfit Westrock Q4 | 2024 Results | 19 Paper | Packaging | Solutions
Smurfit Westrock Q4 | 2024 Results | 19 Paper | Packaging | Solutions